You probably hear the word “branding” thrown around a lot. Branding has become a common topic of discussion in entrepreneurship – and for a good reason. Branding isn’t just a memorable logo. It’s vital to your online presence and the success of your business.
What exactly is a brand?
Put simply, a brand is a promise of a specific experience that you create through the sum of different elements, including your logo and tagline, messaging, promise, a specific personality, and visual elements.
Building a brand helps you cultivate trust in your target market, build a community, and showcase yourself as an authority in your field.
Here are additional reasons why you should build your brand as an entrepreneur:
Instant recognition. As an entrepreneur, much of your business growth depends on your getting out there and marketing. With the number of entrepreneurs on the rise, it can be hard to distinguish yourself. Wouldn’t it feel nice for people to know your company without your ever having to introduce it?
A logo is one of the key components of your brand. As the “face” of your business, it’s what people will instantly recognize. A professional logo design should be simple enough to be memorable but powerful enough to give your business the desired impression.
Increased client attraction. Do you find yourself chasing clients? Perhaps they vanish into thin air after your initial meeting. Don’t let this happen to you.
A strong brand is like a magnet for your business. When you focus on building your brand as an entrepreneur, you become exposed to a larger audience. People can find you online and interact with you easily, attracting more business than you know what to do with.
More than regular clients, your brand attracts higher-quality ones. Successful people want to do business with other successful people.
Enhanced credibility. Many smart entrepreneurs struggle to get their big break simply because they have no idea how to position and present their know-how, skills and experience. They lack credibility among those outside their traditional circle of influence.
Credibility is extremely important for entrepreneurs. The more credibility your business has, the more likely people will buy your products or services. A brand is a strategic representation of everything you embody. It expands your circle of influence and boosts your credibility.
Ability to charge more. With increased credibility, you’ll be in a better position to charge more for your product or service.
As an established brand, you may have a limited amount of time in a day to do all the work your business demands. As demand for your skills, expertise, and time increases, you can start to charge more for your time.
Charging more allows you to decide how much you want to work, meaning more freedom.
A better network. You may have heard it said, ‘who you know is crucial if you want to make it in business.’ This couldn’t be further from the truth.
As you grow your brand, you will develop an ever-growing network of heavy hitters in your industry. This network can come in handy when it comes to growing your business. It’s a beautiful cycle.
Whether you want to release a new product in the market or try another route in your business, having a network of people at your disposal can prove to be very valuable.
Inspires employees. Your employees need something to work towards – something more than work and salary. When your employees understand your business’ mission, they’re more likely to feel that they’re part of something bigger and more likely to work to attain the goals you set.
Building a strong brand is like turning the company logo into a flag your employees can rally around.
What are the best branding practices?
Become familiar with the best strategies to avoid common pitfalls when you begin to build your brand. A single misstep can hurt your reputation and set your brand back.
Here’s how to avoid that:
- Harness your personality. Your personality is the most unique thing about you, setting you apart from your competitors.
- Believe in yourself as a brand. You become a brand the moment you start your own business.
- Know and embrace your strengths and weaknesses. If you want your brand to come off as authentic, you have to own your strengths and weaknesses.
- Build a website for your brand. Unlike social media profiles, your website is something you own. Use this personal platform to share blog posts, digital products, webinars, and any other content you deem appropriate for your audience.
- Provide value at every chance. The people who follow your brand are interested in learning what you already know. For this reason, try to share content that provides value for the reader.
- Foster relationships with other popular brands. Interacting with other well-known brands in your industry is another way to build your brand. Your competition is not always the enemy. You can find success when you partner with your competition on specific marketing campaigns.
- Keep reinventing yourself. If you commit mistakes while building your brand, reinventing yourself will help to present a new persona to your online audience.
Branding is not something that occurs overnight, and it’s definitely not something that you should leave to chance. If you really want to stand out from the crowd, concentrate on building your brand.
To build a successful brand, start by understanding the branding best practices. Brands do not exist in a vacuum. Build relationships with movers and shakers in your niche to stay ahead of your competitors.